Maurizio Priamo @Maurizio_P: "Subject: Portfolio Monthly Update |..."

Italy

Subject: Portfolio Monthly Update | May 2026 May closes with a portfolio performance of +9.97%, compared to +4.80% for the $SPX500 A result that highlights a clear outperformance versus the market and confirms the effectiveness of the approach. It has been a particularly interesting month, as it reinforces a key point: markets are currently able to move higher even within a complex macro and geopolitical environment. Throughout May, the backdrop remained far from supportive. Tensions in the Middle East continued to influence energy prices, with oil staying at elevated levels for most of the month, contributing to persistent inflation pressures and keeping uncertainty around central bank policies high. At the same time, global economic growth showed resilience, although not particularly strong, creating a delicate balance between growth and inflation. Despite all this, equity markets continued to rise. The S&P 500 delivered another positive month, primarily driven by solid corporate earnings and, in particular, by the structural strength of the technology sector and the broader AI ecosystem. However, what I consider most important is not simply the direction of the indices, but what is happening beneath the surface of the market. The dynamics of 2026 are becoming increasingly clear: market leadership is no longer as concentrated as in previous years. Alongside technology, we are seeing ongoing capital flows into more cyclical sectors such as energy, industrials, and materials—partly supported by the current macro environment and geopolitical dynamics. This shift implies a more selective market, where passive exposure is less effective and capital allocation decisions become critical. An interesting observation is that, once again, the well-known phrase “Sell in May and go away” has proven to be misleading. Despite uncertainty and a cautious narrative, markets have continued to reach new highs, reinforcing the importance of staying anchored to data rather than market clichés. From an operational standpoint, this type of environment is where my approach tends to be most effective: a strategy based on selective concentration, high-conviction ideas, and active risk management, rather than broad or passive market exposure. Looking ahead to June, I expect an increase in short-term volatility. The main drivers remain unchanged: inflation, central bank decisions, and, importantly, the evolution of the geopolitical context. If the energy situation stabilizes, the upward trend could continue; otherwise, periods of consolidation or higher volatility are likely. In this environment, my objective remains clear: protect capital while continuing to generate consistent returns over time, maintaining discipline, flexibility, and a strong focus on the quality of positions. Disclaimer This content is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Investing involves risk, including the possible loss of capital. $NSDQ100 $GER40 $DJ30 $GOLD $OIL $NVDA (NVIDIA Corporation) $AMZN (Amazon.com Inc) $BTC $EURUSD

Not investment advice. The author may have financial interests in the mentioned instruments.